The GBPUSD was indecisive yesterday, made a Doji on daily chart. Price attempted to push lower, bottomed at 1.6185 but closed higher at 1.6219 and hit 1.6235 earlier today. The bias is neutral in nearest term but still within a bullish context. Immediate resistance is seen around 1.6250. A clear break above that area could trigger further bullish pressure testing 1.6300 1.6350 area. I still prefer to buy on dips at this phase and only a clear break and daily close below 1.6150 would postpone the bullish scenario, activate my wait and see mode but turn short term bias to bearish correction situation.
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009